Bank of England boss says global finance is funding 4C temperature rise

Mark Carney says capital markets are financing projects likely to fuel a catastrophic rise in global heating

The governor of the Bank of England has warned that the global financial system is backing carbon-producing projects that will raise the temperature of the planet by over 4C - more than double the pledge to limit increases to well below 2C contained in the Paris Agreement.

In a stark warning over global heating, Mark Carney said the multitrillion-dollar international capital markets - where companies raise funds by selling shares and bonds to investors - are financing activities that would lift global temperatures to more than 4C above pre-industrial levels.